Specialty Fats & Oils Market Outlook 2031
- The global specialty fats & oils market was valued at US$ 13.3 Bn in 2021
- It is estimated to grow at a CAGR of 5.9% from 2022 to 2031
- The global specialty fats & oils market is expected to exceed value of US$ 23.7 Bn by the end of 2031
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Overview of Specialty Fats & Oils Market
Specialty oils are a particular category of oils derived from sources such as palm, coconuts, soybean, sunflower, rapeseed, and other sources, including peanut and olive oil. These oils have unique properties that are desirable in industrial and non-edible applications. Specialty fats are also sometimes referred to as confectionery fat, hard butter, or cocoa butter alternatives (CBA).
Specialty oils and fats over the course of time have found newer applications in the food industry, which is predominantly due to the growing consumer interest in “clean label” functional foods and the emerging markets in “free-from” and specialist foods.
Moreover, retail stores now stack snacks that cater to various diet habits, which claim to use specialty fats such as soybean oil, corn oil, rapeseed oil, palm oil, or sunflower oil instead of saturated unhealthy fats. A survey conducted by the International Food Information Council in 2020 revealed that over the past few years, the perception of consumers regarding dietary fats has changed significantly.
As per the National Confectioners Association, confectionery remained a powerful and important category, delivering significant contribution to retailer sales and profits, setting new sales records, and growing at a faster rate than most other categories.
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Specialty Oils Such as Coconut, Sunflower, and Palm Oils to Dominate Global Market
The market for coconut, sunflower, and palm oils is growing in specialty oils, and this increase in their demand can be ascribed to the escalating demand for vegetable oils in the booming confectionery and bakery businesses. The constituent fatty acids of each culinary oil are predominantly responsible for the functionality of these oils, along with their key components. Sunflower oil is used in the cooking of foods such as frozen pre-fried foods in restaurants or at home. High growth is observed in the market in developing regions such as Asia and the Middle East, with increasing trend toward the use of vegetable oils for cooking and household use.
Regional Outlook of Global Specialty Fats & Oils Market
In terms of region, Asia Pacific and Middle East & Africa are projected to hold a positive growth outlook for the specialty fats & oils market in the upcoming years. The growth of the market in these regions can be attributed to rising consumption of margarine and specialty fats in China, India, and parts of Middle East & Africa.
Primary drivers for the growth of the specialty fats & oils market in Asia Pacific are growing application segments such as bakery, confectionery, dairy, food processing, and cosmetics. Additionally, increasing demand for products that benefit health is encouraging the specialty fats & oils market in the region.
Similarly, in South America, the rising demand for confectionary is anticipated to lead to a higher growth rate of specialty fats & oils market during the forecast period, due to rise in usage of specialty fats and oils. Middle East & Africa has high potential to gain market share for specialty fats & oils that indicate a positive growth rate during the forecast period.
Moreover, Africa, a prominent supplier of cocoa globally, is estimated to remain a key specialty fats & oil market.
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Analysis of Key Players in Global Specialty Fats & Oils Market
Detailed profiles of providers of specialty fats & oils have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. Majority of the firms is spending significant amounts on comprehensive research and development, primarily to develop products that are healthy and comply with government regulations. Growing geographic presence and mergers & acquisitions are the key strategies adopted by prominent players.
Key players operating in the global specialty fats & oils market are AAK AB, Cargill, Incorporated, D&L Industries, Fuji Oil Co. Ltd., IOI Loders Croklaan, Mewah Group, MOI International Pte Ltd, Musim Mas, and Wilmar International, among others.
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